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Universal Credit
romik
Posts: 40 Forumite
Quick question, when applying for UC if you are a new business and accounts haven't been made up yet, UC asking for monthly income after tax, what do I do?
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You don't know what you made in the last month?romik said:Quick question, when applying for UC if you are a new business and accounts haven't been made up yet, UC asking for monthly income after tax, what do I do?0 -
Isn't it supposed to be after tax deductions? How do I know what is the figure after tax if accounts haven't been processed yet?0
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It's something you are going to have to learn to do quickly because you have to report your earnings every month
https://listentotaxman.com
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UC is based on cash accounting so you don't need any accounts. You tell them what you received by way of business income and what you spent by way of business expenditure. The difference is taken as your earnings for the month. Any tax liability is irrelevant, tax is only taken into account when you pay it.
Full guidance used by DWP is here https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/878191/admh4.pdfInformation I post is for England unless otherwise stated. Some rules may be different in other parts of UK.3 -
Understood, thank you. Person on the phone at UC had no idea.calcotti said:UC is based on cash accounting so you don't need any accounts. You tell them what you received by way of business income and what you spent by way of business expenditure. The difference is taken as your earnings for the month. Any tax liability is irrelevant, tax is only taken into account when you pay it.1
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